GSR commits $100M to launch Hare, an onchain credit vault business

GSR, the crypto trading and market-making firm, has committed $100 million to launch Hare, a new business built around onchain vaults focused on credit.

What GSR is building with Hare

Hare is an onchain vault business with credit as its core product. The $100 million commitment is the anchor capital behind the launch.

The launch connects directly to GSR’s October 7, 2026, insight on building an “Onchain Credit Desk.” The firm is treating credit as a dedicated line of business rather than a side experiment.

How GSR got here

GSR was established in 2013, which makes it a veteran in an industry where many firms have come and gone. Its core business has long been market making and over-the-counter trading, meaning it supplies liquidity and handles large trades away from public exchanges.

In March 2026, GSR acquired Autonomous and Architech for a combined $57 million. The purchases were aimed at strengthening its capital markets platform.

In September 2026, it secured registrations in the Cayman Islands. It also acquired a FINRA-registered broker-dealer to support its US operations.

On the tokenization side, GSR has led investments in real-world asset infrastructure. One example is its backing of Libeara, which supports over $1B in onchain asset origination.

What this means for onchain credit

GSR brings two assets most decentralized finance protocols lack: deep liquidity relationships and a growing set of regulated entities, including Cayman registrations and a US broker-dealer.

Things worth watching from here include how Hare structures its first products and who is allowed to deposit. Another is whether GSR routes vault activity through its regulated entities, and how the Libeara relationship and broader RWA pipeline feed into the credit book.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.